Media Coverage
Source: Observer
Media Coverage
Press Contacts: Erik Cummins, Matt Hyams, Taina Rosa, Olivia Thomas
09.24.24
Art collectors who often donate to foreign museums and cultural institutions understand that their donations may not always qualify for a tax deduction.
According to Private Client & Family Office practice co-chair Michael Kosnitzky, while individual donors are not generally allowed to take a charitable contribution tax deduction for gifts given to foreign charities or museums, “they may take a full fair market tax deduction for donated items to foreign museums when the objects are first given to a U.S.-based Friends-of organization.”
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